Special Correspondent, Dhaka :

Dilip Kumar Agarwala, managing director of Diamond World, has been arrested again in connection with an alleged money laundering case involving Tk 6.78 billion, following investigations into suspected gold and diamond smuggling, alleged customer fraud and his reported involvement in criminal cases, including a murder case linked to the Anti-Discrimination Student Movement.

The Detective Branch (DB) of the Dhaka Metropolitan Police (DMP) arrested him from the Banani area of the capital at around 6:00 pm on Monday, October 19, 2026. Following his arrest, he was taken to the DB office on Minto Road. Legal procedures were initiated for further action in connection with the case filed by the Criminal Investigation Department (CID).

According to reports published by Bangladeshi media, the arrest was made at the request of the CID in connection with an ongoing money laundering investigation. The allegations remain subject to investigation and judicial proceedings.

DB Briefing and Arrest Operation

Following the operation, Shafiqul Islam, Additional Commissioner of the Dhaka Metropolitan Police and chief of the Detective Branch, confirmed the arrest to the media.

According to information provided by police, Agarwala had allegedly been staying at a residence in Banani to evade law enforcement. The DB’s Gulshan division conducted the operation following a request from the CID’s Financial Crime Unit in connection with a money laundering case.

The case reportedly concerns allegations that substantial quantities of gold and diamonds were procured without adequate documentation establishing their legal origin.

Police have also indicated that Agarwala has previously faced criminal proceedings, including cases related to alleged offences committed during the July 2024 student-led uprising. The status and merits of the individual allegations must be determined through the relevant legal processes.

Tk 6.78 Billion Money Laundering Allegations and Gold and Diamond Smuggling

According to information attributed to the CID’s Financial Crime Unit, investigators examined Diamond World’s financial records, bank accounts and import documents as part of an inquiry into suspected money laundering and the alleged smuggling of gold and diamonds.

The investigation reportedly found that Diamond World legally imported gold bars, jewellery, loose diamonds and related products worth approximately Tk 384.7 million through letters of credit (LCs) between 2006 and 2024.

Investigators subsequently raised questions about the sources of additional gold and diamonds obtained through domestic channels during the same period.

According to the CID’s findings reported in the media, the company allegedly acquired gold and diamonds worth Tk 6,781,914,014 through local channels without providing adequate documentation to establish their origin or identify legitimate suppliers.

Investigators suspect that some of these products may have originated from cross-border smuggling networks. The allegations also concern the possible movement of illegally obtained proceeds through financial channels.

The CID subsequently filed a case under Bangladesh’s Money Laundering Prevention Act with Gulshan Police Station. The case forms the basis of the latest arrest.

The allegations do not, by themselves, establish that every transaction conducted by the company was illegal. The precise nature and extent of any wrongdoing will depend on the evidence examined during the investigation and subsequent court proceedings.

Daily Mukhopatro, Political Connections and Allegations of an Influence Network

Investigative allegations have also drawn attention to Agarwala’s involvement in the media sector and his political connections.

Agarwala has been associated with the newspaper Daily Mukhopatro, where he reportedly held editorial and publishing interests. Critics and investigators have raised questions about whether his business and media connections provided him with influence in political and commercial circles.

However, the assertion that the newspaper was deliberately used to conceal criminal proceeds or facilitate money laundering would require independent documentary evidence and should not be treated as an established fact without such verification.

Agarwala was associated with the Awami League’s central industry and commerce subcommittee and contested the 12th parliamentary election in 2024 as an independent candidate from the Chuadanga-1 constituency.

Questions have also been raised about his relationships with influential political figures and business interests during the previous Awami League administration.

Allegations that political figures, government officials or their associates invested illicit funds in Diamond World or used the business to transfer proceeds abroad would require separate investigation. Any individuals implicated in such allegations are entitled to due process, and responsibility must be established through evidence rather than political association alone.

July 2024 Mass Uprising and the Badda Murder Case

Following the fall of the Awami League government on August 5, 2024, allegations concerning the political and financial networks associated with the previous administration came under increased scrutiny.

Agarwala’s name became associated with several criminal investigations, including a murder case concerning teenager Hridoy Ahmed, who was killed in the Badda area of Dhaka during the student-led movement in July 2024.

On September 3, 2024, the Rapid Action Battalion (RAB) arrested Agarwala from the Gulshan area of the capital. He was subsequently shown arrested in connection with the Badda murder case and was questioned during the investigation.

According to reports published at the time, Hridoy Ahmed was shot dead near BRAC University on July 19, 2024, while the student-led movement was taking place.

Agarwala was later granted bail in the cases in which he had been detained, and reports indicate that he was released from prison on October 1, 2025.

His release on bail did not, in itself, resolve the separate allegations concerning financial crimes. The latest arrest is connected to the money laundering case being investigated by the CID.

Any allegation that Agarwala financed or planned violence against protesters must be assessed against the evidence in the relevant criminal proceedings. An arrest or the filing of a case does not constitute a judicial finding of guilt.

Customer Fraud Allegations and Investigations by the ACC and NBR

Apart from the money laundering allegations, Diamond World has faced public allegations concerning the authenticity and quality of gemstones sold to customers.

Complaints reportedly dating back to 2017 alleged that some jewellery sold as diamond products contained lower-value materials, including glass, synthetic zirconia and moissanite.

The allegations centre on whether customers were charged prices comparable to those of natural diamonds for products containing different materials.

Such claims have raised concerns about consumer protection, gemstone certification, product disclosure and the need for independent gemological testing.

However, the scale of any alleged customer losses, the number of affected buyers and the authenticity of the products involved must be established through verified sales records, laboratory reports and findings by the relevant authorities.

The Anti-Corruption Commission (ACC) and the National Board of Revenue (NBR) have also been associated with scrutiny of financial and tax-related allegations involving the business.

Claims concerning large-scale VAT and tax evasion, including allegations that approximately Tk 250 billion in taxes and duties may have been evaded over a period of 15 years, require careful examination of official tax assessments, audit reports and supporting documentation.

The allegations further raise questions about whether previous regulatory inquiries were adequately pursued and whether any undue influence affected the conduct of investigations.

Any claim that officials were transferred or investigations suppressed to protect the company would require documentary evidence or corroborated testimony from credible sources.

Wider Investigation and Questions About Accountability

The latest arrest has renewed attention to allegations surrounding Diamond World’s procurement practices, the origin of its gold and diamonds, its financial transactions and its compliance with Bangladesh’s laws on money laundering and taxation.

Investigators are expected to examine relevant financial records, import documents, supplier information and banking transactions to establish the nature of the suspected irregularities.

The investigation may also examine whether other individuals or entities were involved in the alleged acquisition of undocumented gold and diamonds or the movement of potentially illicit proceeds.

The role of any business associates, intermediaries or political figures, if evidence establishes their involvement, will need to be determined independently.

The case also highlights broader questions about the regulation of the jewellery trade, consumer protection, financial transparency and the effectiveness of oversight mechanisms in Bangladesh.

For customers, the central concern is whether jewellery marketed as genuine diamonds meets the representations made at the point of sale. For regulators, the challenge is to establish the origin of goods, verify import documentation and determine whether applicable taxes and duties were properly paid.

For law enforcement, the immediate task is to establish the facts surrounding the alleged Tk 6.78 billion money laundering offence and determine whether the evidence supports further criminal proceedings.

As the investigation proceeds, the outcome will depend on the documentary evidence, financial analysis, witness testimony and findings presented before the competent courts.

Editorial and legal note: The allegations described in this report have not all been independently established as facts. Claims concerning money laundering, smuggling, customer fraud, tax evasion, political financing and criminal responsibility must be distinguished from proven offences. The accused retains the right to due process and is presumed innocent unless found guilty by a competent court.